Washington's Economy

Associated Press

Washington's employment data is showing mixed signals about the direction of the state's economy.

New figures released Wednesday morning by the Employment Security Department show Washington's unemployment rate grew to 9.2 percent in June, even though a separate indicator showed that the state added 3,600 jobs.

Associated Press

Washington's slow economic recovery is sputtering.

Photo by MïK / Flickr

Grays Harbor Paper has shut down its mill in Hoquiam, putting a dour end to what had been a success story for 18 years. 

240 workers are losing their jobs. Many were shocked by the announcement, according to King-5 news.

“I thought this place was going to be in for the long haul,” said Tony Harris, who had worked for Grays Harbor Paper for two years.

Ben Margot / AP

"Initial Public Offering," or I-P-O, is a buzz term that was talked about a lot in the boom years of the late 1990s – especially in Seattle, where lots of high-tech startup companies were thriving at that time.  They've been pretty scarce lately.  But they may be coming back.

AP

Microsoft's Xbox is breaking records in the gaming world. The company says it has already sold 10 million of its newfangled motion-controller device, the Kinect, since the product launched in November.

That's a world record.

Elaine Thompson / AP Photo

Foreclosures and uncertainty are clogging up the real estate market, and one local expert says prices won't go up again before next year.

The median price of a home in King County  is down nearly 7% compared to a year ago.  That's one of many tidbits in the mass of numbers released this month by the Northwest Multiple Listing Service. 

Sales data for February show the median sales price in Washington's most populous county down 7 percent compared to last year. The median price of a home in King County has dropped to $320-thousand dollars. That's about $23,000 dollars less than in February of last year. 

Ted S. Warren / AP

Construction at Joint Base Lewis-McChord would increase further if Congress adopts President Obama's 2012 budget proposal.

The News Tribune reports that the spending plan released Monday would set aside more than $300 million for construction at the base south of Tacoma, up from about $172 million in the 2011 budget proposal Congress has yet to approve.

Seeking Opportunities Developing Occupations (SODO, Inc.)

If you’ve been to grocery stores, malls or restaurants lately – you might have noticed the people working there are a little older than usual. Young adults haven’t had much luck getting those jobs or other entry level work for the last couple of years. At least 123,700 Washingtonians between the ages of 18 and 25 years old want a job but can't find one, according to census data and state surveys. 

Photo by Bellamy Pailthorp / KPLU

US Senator Maria Cantwell (D-Wash.) says the US Air Force contract for the next generation of refueling tankers should not be awarded until questions are answered about the military's latest snafu. 

A decision on who wins the $35-billion contract is expected as early as next month. 

In November, the Air Force admitted that it had inadvertently mixed up two packages of information.  It sent details of Boeing's bid to Airbus-parent EADS and of EADS's bid to Boeing. 

NorthwestMilitary.com

When 17-thousand troops returned from deployments in Iraq and Afghanistan this past fall, Joint Base Lewis McChord became the 3rd largest employer in the state. 

That's according to the City of Lakewood, which has released a plan to accommodate the rapid population growth in the communities around the base. 

Boeing 777
Courtesy of Boeing

Boeing is still struggling to iron out kinks in the production of its new 787 Dreamliner.  The company is expected to announce the latest delay for that program this week. 

Meantime, it says demand is so great for its tried and true 777 that it will be increasing output of that jet.

Washington's Employment Security Department is sending out 2011's tax-rate notices this week to more than 170,000 businesses.

The agency says next year's average rate will increase by nearly a full percentage point.  Most employers' rates are going up for the second year in a row.  It's the highest average rate in more than two decades. 

U.S. Navy photo by Lt.j.g. Perry Solomon

A leading defense analyst who had previously predicted a Boeing win in the competition to build the US Air Force's next generation of refueling tankers now says Airbus parent EADS will likely get the $40-billion contract. 

Washington Governor Chris Gregoire says she will call a special session of the legislature to address the ballooning budget crisis. The Democrat made the announcement Monday afternoon following a meeting with legislative leaders from both parties. 

Washington lawmakers return to Olympia this week, but not for a special session. They're getting organized for the regular session in January. That will bring out advocates who plan to stage protests over looming budget cuts.

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